In my first article on PetroQuest Energy (NYSE:PQ), I described how the company was putting a priority on its newly acquired Woodford acreage by allocating 50% of total 2014 cap-ex to the play. It was a very wise decision: the company recently provided an operational update which included results from the initial 6 wells drilled in the West Relay field. The IP rates from these 6 wells were nothing short of spectacular. The better-than-expected production results mean increased IRRs and reserves growth. Today's Q1 EPS report further advance the Woodford thesis. They also warrant a reassessment of the stock's current valuation. As a result, I am lifting my previous 12-month target by $2 a share to $13. That...

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